Department Deposits

The ultimate collection and deposit of cash is the responsibility of the Controller’s Office through the Cashier, although the actual receipt of cash often takes place in individual departments. Because cash is negotiable and easily transported, it is important that proper controls exist in both the Controller’s Office and at the departmental level to safeguard this asset.  Please note that reference to “cash” applies to all forms of cash, including currency, coin, checks, money orders and credit card documents and receipts.

Cash Receipt and Collection

  • Department assign designated person(s) to collection incoming cash transactions
  • All cash transactions must be recorded in a cash receipts journal log or accounts receivable system.
  • A receipt should be provided to all cash (money) payment made in person. 
  • All Checks must be endorsed immediately with a restrictive endorsement as Deposit Only-Payable to Stonehill College.

Cash Deposit

All cash collected must be deposited through the Stonehill College Controller's Office.  No department is authorized to have an outside bank account for purposes of depositing College funds. 

  • Count money and complete the Deposit Form located on myHill
  • Hand deliver the deposit to the Controller's Office
  • All cash deposits should be re-counted by the Cashier at the time of delivery and a receipt received at that time.
  • Cash receipts should be delivered to the Controller's Office on a daily basis if the department do not have a Safe (especially all cash transactions).  Departments who own a Safe should make a weekly deposit.  The deposit officer hours are between between 9:00 AM - 1:30 PM Monday to Friday.
  • Deposit all funds intact. The entire amount of receipts collected must be deposited so that all receipts are posted as receipts to the department.  For example, a department can not use $10 of its cash receipts to purchase postage and then reduce the amount of its cash deposit by the $10 used.

For any credit card payments, please use the Credit Card Authorization Form located on myHill.

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